D-Wave Quantum (NYSE:QBTS) Trading Down 3.5% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded down 3.5% during trading on Thursday . The company traded as low as $6.07 and last traded at $6.04. 29,112,695 shares were traded during mid-day trading, a decline of 69% from the average session volume of 94,269,672 shares. The stock had previously closed at $6.26.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Craig Hallum increased their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley lifted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Down 3.8 %

The business’s 50-day simple moving average is $6.22 and its 200-day simple moving average is $2.92. The stock has a market cap of $1.62 billion, a PE ratio of -14.39 and a beta of 1.10.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock worth $92,096,075. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum during the fourth quarter worth about $820,000. Patriot Financial Group Insurance Agency LLC bought a new stake in D-Wave Quantum during the fourth quarter worth about $488,000. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Finally, State Street Corp boosted its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.